The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ASSOCIATED CAP GROUP INC CL A 045528106   2,640,755 73,950 SH   SOLE   0 0 73,950
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   2,804,418 7,863 SH   SOLE   0 0 7,863
BOEING CO COM 097023105   1,304,082 5,003 SH   SOLE   0 0 5,003
CACI INTL INC CL A 127190304   5,725,845 17,680 SH   SOLE   0 0 17,680
CARNIVAL CORP UNIT 99/99/9999 143658300   4,013,910 216,500 SH   SOLE   0 0 216,500
CBOE GLOBAL MKTS INC COM 12503M108   1,045,469 5,855 SH   SOLE   0 0 5,855
CIVEO CORP CDA COM NEW 17878Y207   5,592,451 244,746 SH   SOLE   0 0 244,746
CME GROUP INC COM 12572Q105   1,104,387 5,244 SH   SOLE   0 0 5,244
DISNEY WALT CO COM 254687106   216,696 2,400 SH   SOLE   0 0 2,400
FRANCO NEV CORP COM 351858105   3,656,856 33,001 SH   SOLE   0 0 33,001
HOWARD HUGHES HOLDINGS INC COM 44267T102   256,650 3,000 SH   SOLE   0 0 3,000
INTERCONTINENTAL EXCHANGE IN COM 45866F104   1,001,754 7,800 SH   SOLE   0 0 7,800
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   256,583 1,626 SH   SOLE   0 0 1,626
ISHARES TR MSCI ACWI EX US 464288240   414,700 8,125 SH   SOLE   0 0 8,125
LIBERTY MEDIA CORP DEL COM LBTY SRM S C 531229789   296,585 4,698 SH   SOLE   0 0 4,698
MESABI TR CTF BEN INT 590672101   5,333,403 260,547 SH   SOLE   0 0 260,547
PERMIAN BASIN RTY TR UNIT BEN INT 714236106   3,591,762 257,289 SH   SOLE   0 0 257,289
RENN FD INC COM 759720105   47,880 28,000 SH   SOLE   0 0 28,000
RLI CORP COM 749607107   732,160 5,500 SH   SOLE   0 0 5,500
RUMBLE INC COM CL A 78137L105   98,780 22,000 SH   SOLE   0 0 22,000
SANDSTORM GOLD LTD COM NEW 80013R206   1,001,141 199,034 SH   SOLE   0 0 199,034
TEJON RANCH CO COM 879080109   1,682,590 97,825 SH   SOLE   0 0 97,825
TEXAS PACIFIC LAND CORPORATI COM 88262P102   52,611,724 33,458 SH   SOLE   0 0 33,458
VANGUARD INDEX FDS TOTAL STK MKT 922908769   2,960,981 12,482 SH   SOLE   0 0 12,482
VANGUARD SPECIALIZED FUNDS DIV APP ETF 921908844   1,712,861 10,052 SH   SOLE   0 0 10,052
WHEATON PRECIOUS METALS CORP COM 962879102   7,644,880 154,943 SH   SOLE   0 0 154,943